News & Events zu Sky Quarry Inc (SKYQ)SKYQSky Quarry Inc

Sky Quarry Advances Nevada Oil Initiative Targeting $50M Investment

Sky Quarry announced that it is advancing a proposed Nevada oil exploration and production initiative targeting up to $50M of third-party investment in qualified exploration and production companies. The initiative is intended to accelerate the development of new domestic crude oil resources while potentially providing Sky Quarry's Nevada refining operations with access to lower-cost regional feedstock. Under the contemplated structure, investments would be made directly in participating Nevada producers and projects rather than through the issuance of additional Sky Quarry common equity. The structure is therefore designed to support new drilling activity while avoiding dilution to existing Sky Quarry shareholders. Sky Quarry expects to assist qualified producers by coordinating access to investment banking, private credit and institutional capital relationships. Subject to technical, financial and regulatory diligence, the company may also enter into long-term crude oil offtake arrangements with participating producers. Successful production developed under the program could potentially be purchased by Sky Quarry's refining operations in Nevada, creating a direct connection between upstream resource development and the company's downstream refining infrastructure.

Sky Quarry Updates on Nevada Refinery Operations

Sky Quarry announced an update on its Nevada refinery operations provided by the Company's Interim Chief Executive Officer, Marcus Laun. "As Sky Quarry approaches the commencement of refinery operations at Foreland Refinery in Ely, Nevada, in my role as the Interim Chief Executive Officer of Sky Quarry, I wanted to provide an update on our progress and discuss the next phase of Sky Quarry's development... While energy markets often focus on fluctuations in crude oil prices, the more important long-term trend, in my opinion, is the continued reduction of refining capacity across the Western United States," provided Mr. Laun. "As refining capacity exits the market and regional demand for transportation fuels remains resilient, strategically located refining infrastructure is expected to become increasingly valuable."

Sky Quarry Launches Crude Oil Drilling Initiative in Nevada

Sky Quarry announced that it is launching a crude oil drilling and production initiative in Nevada's Railroad Valley and that it intends to refine that crude at its Foreland Refinery, the only operating refinery in Nevada. "At its peak, Railroad Valley wells produced roughly 5,000 barrels per day, and we believe more wells with that kind of productivity are still possible," said Marcus Laun, Chief Executive Officer of Sky Quarry. "More production would strengthen Nevada's energy infrastructure and increase the amount of locally produced crude available for refining in-state. That is the opportunity we are pursuing."